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by Corolla Classic Vacations

Carolina by the Sea
Oceanfront: Pine Island
Bedrooms: 9 Sleeps: 22

A View to Sea
Oceanside: Ocean Sands
Bedrooms: 7 Sleeps: 18

Waverly
Semi-Oceanfront: Whalehead
Bedrooms: 9 Sleeps: 22

Dune Deck
Oceanside: Ocean Hill
Bedrooms: 7 Sleeps: 16

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Main Topic Post: General Information

Posted By: Guest

Subject: real estate questions...

Looking for advice on buying/owning rental property in the OBX area. We're looking at houses/condos under $300,000. Info on location/insurance/fees/etc. would be great. What area do you all suggest -looking possibly at Nag's Head, Kill Devil Hills, Kitty Hawk. We have friends w/places at Atlantic Beach...while it seems you can get more for your $ there, it doesn't seem as popular an area as the OBX...what are your thoughts on that? We're looking for property that will hopefully gain value over the years...renting it out to more or less pay for its insurance/taxes/maintenance, etc. What do you all think about houses vs. condos? The condos seem to have extra "perks"-pools, etc. (I know there are dues there...) We are about 4 hrs. away, in NC, so we wouldn't be down there all the time. thanks

Message Replies:

39415: RE: real estate questions...

6/22/2009 8:12:44 AM

Posted By: Guest

buy a nice piece of land and build. Building costs are down this year and custom built is better.

39421: RE: real estate questions...

6/22/2009 8:25:14 AM

Posted By: Guest

rule of of beach-rental real estate.....places off the ocean do very little in rents. I don't want to sound "rich" but a $300K property on the beach will either be completely run down (and do very little in rentals) or will be so small (1BR) that it will not attract renters. To make real estate work on the beach, you need a place that is nice enough to draw renters for as much of the season (and into the Spring and Fall) as possible. Look for a place with lots of amenties, newer construction, and focus on your the amount of money you need to put down, not the total cost. There are some nice new condo's that opened within the past year in Kill Devil Hills....

39423: RE: real estate questions...

6/22/2009 8:36:10 AM

Posted By: Guest

Do houses a couple blocks from the beach rent well? We were looking at houses w/ocean views and a short walk to the beach. We don't want to go over that $ amount because we don't want to have to make payments. thanks

39427: RE: real estate questions...

6/22/2009 9:11:05 AM

Posted By: Guest

there are some decent opportunities a block or two off the beach, find a knowledgeable realtor. as you pointed out, condo's and their fees can be oppressive. condo's don't appreciate at the rate (as a rule) that single family residences do. and be sure to interview at least 3 property management companies.

39429: RE: real estate questions...

6/22/2009 9:27:22 AM

Posted By: Guest

Some of the answers above are correct. I just got done building my personal house here and I can tell you building is not fun or cheap. It takes forever to get a house built here, normal building time is 3-4 months but here takes 8-9 because the subs don't show up and most workers have left because building is slow. Buy something up - it is a MUCH better deal now with prices down.

$300k is not going to get you much at all. I just sold a townhouse for $375k and it was on the beach road. Beachboxes (single story homes on pilings) are what you will be getting for $300k and they rent poorly. You might get $6-10k in rent and that won't pay for much. An average house with good rentals will cost $500k and if you want a pool add $50k more. A house with a pool will gross you about $30-35k in rental income, this will pay the PI (principal & interest) while the TI (tax and insurance) will be out-of-pocket as well as maintenance. These rental homes loose money each year, if they didn't everyone would owe them and I would own more than 1. The investment is that they go up in price and the prices are down now making it a PERFECT time to buy with these crazy low interest rates at 5%. They are no steals with sellers accepting 50% off or banks selling foreclosures at half their value, that is BS! Prices are down 20-30% from what they were 2-3 years ago making them attractive to buy, hold for 5-10 years and sell. Let the renters pay part of the bills and you can enjoy the house the other times and write off lots of tax deductions. Buying a resale house also means they most always come furnished which will save $20-30k over buying as lot and building.

39446: RE: real estate questions...

6/22/2009 11:33:25 AM

Posted By: Guest

Here's whats listed foe KDH and KH thru MLS under $300K.
http://www.joelambjr.com/mls_set.htm
Best one I see is the first one, and that is 6 lots back. Obviously closer is better. Don't even think of westside--that's west of the bypass, US 158.

39447: RE: real estate questions...

6/22/2009 11:51:36 AM

Posted By: Guest

After looking at what's available here for under $300K, I'd take a close look at this condo in Atlantic Beach. I'm sure the seller would discuss rental history with you. Nice looking place.
http://www.atlanticbeachrealty.net/sales_pab366pics.htm

39536: RE: real estate questions...

6/22/2009 8:33:11 PM

Posted By: Guest

Wow 300k, it is not going to be much, my house (residence) cost more than that and am not in a good location to rent. 39429 sounds on track, if I wasnot a born here type I would look at a short term investment 5-10 years. My friends in the rntal business tell me owners recover typically 75-85% at best, rentals are down right now and I hear that unemployment will be 10% soon. Remember things break, vandalized and come up missing so you need to add in those expenses as well. Good luck.

39570: RE: real estate questions...

6/23/2009 8:13:38 AM

Posted By: Guest

www.pacemimms.com has bank owned property. Have seen some good deals

39573: RE: real estate questions...

6/23/2009 8:37:41 AM

Posted By: Guest

I saw the condo at Atlantic Beach, as well as some others there that looked really nice...looked like more for the $ there. -BUT, we have friends w/a *condotel* there right on the water...doesn't seem like much to do there-less restaurants, etc.
If you guys could get a good deal on a house (maybe *beachbox*) a couple lots back from the beach within easy walking distance and stay in my low price range, but be able to buy and not have to finance it, do you think it would be worth the rent revenue it would bring in? I was thinking that something not right on the beach could rent for a little less, and may be more appealing to poeple in today's economy. -I have read in another post to watch out for people who want to rent "real cheap".
Thanks for all the info-I've visited the Outer Banks from Ocracoke to Corolla several times, but have not seriously looked at the real estate market there...am much more familiar w/the South Jersey shore-Ocean City, Wildwood, Cape May...

39593: RE: real estate questions...

6/23/2009 12:16:58 PM

Posted By: Guest

Look at this thanks to 570's advice.
If you don't buy it, I might.
http://webhosts.cisdata.net/bin/web/real_estate?acnt=AR172775&action=ACTIVATE_FRAMES&button=HOME_SEARCH&hs_action=VIEW_DETAIL&listing_id=REATOP48623993&slideshow=1

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